Every Investor May Not “Get It”

I love the videogame business. It’s a high margin, high free-cash-flow business with remarkable installed-base growth. There’s a gigantic secular tailwind behind this business, which is unstoppable. We’re in the midst of a massive change in the world of media, broadly defined, and videogames will continue to take time away from old media. People of the proper investment age don’t get it, so it’s unlikely for this change to be fully discounted in share prices.